1. Which of the following authoritative sources would be at the highest level of generally...
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Accounting
1. Which of the following authoritative sources would be at the highest level of generally accepted accounting principles (GAAP) for state and local governments?
a. GASB Concepts Statements
b. AICPA Statements of Position
c. GASB Interpretations
d. AICPA AcSEC Practice Bulletins
2. Tang City received land from a donor who stipulated that the land must remain intact, but any income generated from the property may be used for general government services. In which fund should Tang City record the donated land?
a. Special revenue
b. Permanent
c. Private-purpose trust
d. Custodial
3. To be in compliance with generally accepted accounting principles, state and local governments must present
a. Entity-Wide Statements Fund-Level Statements
Yes Yes
b. Entity-Wide Statements Fund-Level Statements
Yes No
c. Entity-Wide Statements Fund-Level Statements
No Yes
d. Entity-Wide Statements Fund-Level Statements
No No
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